Liberty RAN Stats for July 2010

Under $100,000 - 11 Units
$100,000 - $150,000 - 11 Units
$150,000 - $200,000 - 8 Units
$200,000 - $250,000 - 10 Units
$250,000 - $300,000 - 4 Units
$300,000 - $350,000 - 1 Unit
$350,000 - $400,000 - 3 Units
$400,000 - $450,000 - 3 Units
$500,000 & Up - 2 Units

A Total of 53 Homes Sold in the Liberty Reece & Nichols office in July 2010!

Tax Credit Closing Deadline Extended

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law. NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.

Sold at the Court House Steps

Those are words that I never want to hear. I have represented Sellers who have been close, but never as close as today.

This business is more than a sign in the yard. It's a people business. Lives are affected when a home sells. Some times there are cheers, and other times there are tears.

Today, one of our listings was to be sold at the court house steps at noon today. I did everything that I possibly knew to do to keep my Sellers in their home. My job was to help keep a roof over their head and buy them time. We knew that the end result was that they would have to move out of their home, the question was when.

With the help of an interested Buyer, we were able to help put together an offer and submit it to the bank within TWENTY MINUTES of noon today. In TWENTY MINUTES the house was to be sold in the court house steps for a fraction of what the market value is. Even after we were told yesterday that it was a waste of our time, we pushed forward. We got the offer written, all parties to sign, and submitted the offer within TWENTY MINUTES of the foreclosure date/time.

We prevailed! The foreclosure was stopped today and the lender is reviewing our offer. It was an emotional phone call to the Seller. After days of intense conversation, strategy and planning, my Sellers are sleeping in their home tonight.

Grant for First Time Homebuyers

Clay County Savings Bank was one of two financial institutions in the State of Missouri to be awarded a grant for first-time homebuyers through the Federal Home Loan Bank. Grants totaling $1.0 million were recently awarded to 20 financial institutions in Iowa, Minnesota, North Dakota an South Dakota to assist individuals and families in purchaing a home for the first-time. The grants are part of the FHLB Urban First-Time Homebuyer Fund which supports efforts to provide permanent housing to families and individuals in communities with a population of 25,000 or more. The grants can be used to provide assistance of up to $5,000 for down payment, closing costs, counseling or rehabilitation assistance. For information as to how the program can be used to assist you or your buyer, please contact Kathy Varnon at 816-781-4500.

Curb Appeal Sells!

According to Dave Ramsey, Financial Peace University, 71% of buyers choose the house they look at based on curb appeal! A statistic I had never heard of before!

Here is a link that will help you with ideas on what to do. Even if you choose a few select ones, this could really improve your foot traffic!

http://homebuying.about.com/cs/sellerarticles/a/curb_appeal.htm

87 DAYS ONLY AND COUNTING!

There is only 87 more days from today to go under contract and still be able to receive the tax credits!

$8,000 First-time Home Buyer Tax Credit at a Glance

•The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
•The tax credit applies only to homes priced at $800,000 or less.
•The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
•For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
•For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

•To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
•The tax credit applies only to homes priced at $800,000 or less.
•The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
•Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.